French businessman and CEO of French conglomerate LVMH Moët Hennessy, Bernard Arnault have extended his lead over Tesla and Twitter CEO Elon Musk on the Forbes global rankings, after his net worth soared over $200 billion for the first time, making him the third person ever after Musk and Bezos to reach that milestone.
Arnault currently has a listed net worth of $212 billion and is approximately $30 billion richer than Elon Musk who occupies the second position with a net worth of $180 billion. The LVMH CEO extended his lead on the Forbes list due to the surge in the value of luxury goods which has continued to catapult him to the top.
LVMH stock has soared in value and is now up 42%. The stock hit an all-time high recently and is showing no signs of slowing down after reporting first-quarter results. In the first quarter, the company saw sales up 17% year-over-year. Its selective retailing and fashion and leather goods categories saw year-over-year growth of 30th and 18% respectively.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury goods group, recorded revenue of €79.2 billion in 2022 and profit from recurring operations of €21.1 billion, both up 23%. Despite the uncertain economy and high inflation, the company has recorded strong growth momentum and robust demand.
Following the surge in the company’s share price, it is now one of the 12 largest public companies in the world by market capitalization, with a market cap of $491 billion. It is also interesting to note that LVMH is currently worth more than the likes of giant companies like Walmart, Tencent, JP Morgan Chase, Exxon Mobil, etc.
Investors King understands that In France, LVMH recruited more than 15,000 people in 2022, which makes the Group the leading private recruiter in the country. In the same year, the company aslo invested nearly 215 million euros in training its employees.
LVMH opens several manufacturing facilities each year in France, notably for Louis Vuitton. It has been recognized for its leadership in terms of transparency and performance in matters concerning the protection of the climate, forests, and water by the CDP (Carbon Disclosure Project), a global not-for-profit environmental organization.